The market value of digital assets has increased due to NFTs and the underlying technology. Million-dollar prices are being paid for digital assets like JPEG and PNG images, legacy businesses are accepting payments made with NFTs and cryptocurrencies, and brands are looking for more ways to use NFTs.
According to DappRadar, the NFT market has grown as a result of these modifications and now has a market capitalization of $23 billion. Due to their integrated value in metaverse projects, where the majority of brands are investing, NFTs are becoming extremely popular.
Every industry, from gaming to the arts to eCommerce, has begun to explore the metaverse horizon in order to give their audiences the opportunity to explore their unique products and services across a 3D immersive and real-time parallel universe.
So how can a company use NFTs to more effectively market its goods and services in the metaverse? The Metaverse NFT market is helpful in this regard.
In this article, we will list out everything you should know about the Metaverse NFT marketplace.
What is the metaverse NFT market?
A metaverse NFT marketplace, as its name suggests, is a technical idea for developing and incorporating NFT marketplaces into the metaverse’s virtual world. The metaverse is regarded as a parallel universe where users’ individual identities are represented by avatars who can engage in real-world activities.
Avatars can thus socialize, work, travel, plan and attend live events, play games, engage in trading, and go on many other adventures within a metaverse. The most common activity on the metaverse is trading, though.
Brands must develop a robust NFT marketplace and incorporate it into their Metaverse projects to enable trading, enabling the general public to tokenize their digital assets and transact with them easily. Markets for NFT in the metaverse are built on a blockchain ecosystem, giving users a decentralized experience.
The inability of NFT marketplaces to gain widespread industry adoption was due to interoperability problems. Businesses can allow their audiences to use cross-chain NFT trading and reach a wider audience now that third-generation interoperable blockchains like Polkadot and XDC Network facilitate the development of cross-chain NFT marketplaces in their ecosystems.
What characteristics define the top Metaverse NFT market?
The top requirements for a metaverse NFT marketplace that can achieve widespread global adoption are as follows:
Storefront
An e-commerce website or shopping platform and a Metaverse NFT marketplace are both similar in operation. As a result, it must provide users with an appealing and user-friendly storefront that offers a wealth of information, including an item list, NFT ownership details, a preview, and price history. Users can quickly check the authenticity of the digital assets before purchasing them with the help of this information.
Decentralization
An NFT marketplace’s decentralized infrastructure does away with the need for any middlemen during the trade and settlement processes. These marketplaces are governed by blockchain technology, where data is stored in metadata across a distributed ledger and events are automatically carried out by smart contracts. Additionally, NFT marketplaces powered by blockchain are reliable in terms of speed and security.
Interoperability
A Metaverse NFT marketplace benefits from cross-chain connectivity thanks to interoperability. It’s an essential component that links different independent marketplaces, giving users a seamless experience and enabling them to explore various independent marketplaces and engage in their socio-cultural activities without any restrictions. Decentraland, one of the well-known NFT projects, has begun focusing on interoperability to make its services more applicable to other metaverse projects.
3D Immersive environment
The Metaverse NFT marketplace must provide a realistic 3D immersive environment in which users can socialize and conduct trade activities. The essentials needed to build more realistic NFT marketplaces for the metaverse are provided by modern tools like Unreal Engine and Unity.
Seamless tokenization
The users of a standard Metaverse NFT marketplace can instantly and easily tokenize their assets. Users can tokenize their digital assets to acquire unique ownership and trade them on the market by adhering to the various token standards.
A dual-factor authentication
On the NFT marketplaces, two-step authentication guarantees quick and secure user login while safeguarding users’ login credentials and the resources they access.
Peer-to-peer transactions
Secure asset transactions are made possible on the NFT market thanks to a method of recording transactions across a decentralized peer-to-peer network.
NFT wallets
In addition to providing connectivity to the metaverse, NFT wallets are integrated into the Metaverse NFT marketplaces to enable users to purchase, send, and store digital assets.
Payment gateways
An NFT marketplace can enable the storefront to accept payments in cryptocurrencies and native tokens with a feature-complete payment gateway, luring more users for widespread adoption.
DAO Integration
The DAO model was used by the majority of Metaverse NFT marketplaces to create an autonomous organization devoid of any hierarchies. A DAO-enabled marketplace is governed by its users, who vote on proposals and make major and minor decisions.
Types of Metaverse NFT marketplaces
Metaverse gaming NFT marketplace
The “play-to-earn” model, which is the foundation of metaverse games, continues to be extremely popular with players. Numerous gaming companies have been inspired to develop their own NFT marketplaces in order to engage users with in-game assets, video game characters, and accessories. These markets provide everyone with realistic and real-time navigation thanks to metaverse technology.
Metaverse real estate NFT marketplace
Marketplaces in the metaverse that are based on real estate control transactions like buying, selling, and live NFT auctions. Users can place a bid on a particular asset, such as a piece of virtual real estate, and then pay the price to own it. The best example of a metaverse real estate NFT marketplace is a project like Decentraland, with the most intriguing features and expensive selling virtual lands.
The NFT-powered digital representation of some real estate companies’ physical properties is also displayed in the metaverse, where it can be viewed by potential buyers’ avatars and purchased by them entirely online. Buyers acquire real-world ownership of the original property after the contract is completed in the metaverse.
Metaverse eCommerce NFT marketplace
A virtual marketplace called the Metaverse e-commerce NFT marketplace was created to let users browse items like clothing, cosmetics, and technology on e-commerce shopping platforms. For instance, customers can access these markets through their VR devices and give their avatars a chance to try the specific product they intend to purchase. It enriches and realistically replicates their shopping experience, making it more like shopping in the real world.
How does the metaverse NFT marketplace operate?
NFT marketplaces on the Metaverse function similarly to physical marketplaces, which is why they are referred to as the digital equivalents of physical marketplaces. To display NFT-backed digital assets or the digital versions of real products that users can purchase in exchange for crypto tokens, various brands can develop their own niche-specific marketplaces.
Brands can give users more tactile and visual experiences by linking these marketplaces to the metaverse, creating more realistic experiences. An NFT marketplace’s creator retains the authority to specify the rules, regulations, and categories of digital assets that may be traded, even though it is still a small part of the vast Metaverse.
Users can access the recreated virtual world of Metaverse and engage in their favorite activities using their individual avatars. The following important advantages for both the creator and the user are provided by NFT marketplaces in the metaverse:
- On a persistent 3D platform, users can enjoy live navigation and engage in round-the-clock NFT trading.
- Users can instantly make payments by syncing their crypto wallet with the NFT marketplace.
- NFT marketplaces based in the metaverse are more common than alternatives. As a result, these markets assist businesses in reaching more international customers.
How can I build a Metaverse NFT marketplace?
Prior to talking about the process of creating a Metaverse NFT marketplace, it’s important to thoroughly understand the tools and technologies required. Check out the list of technologies and tools below:
Tools: Unreal Engine, Metaverse Studio, and Unity
Languages for programming: Javascript, HTML, C++, RUST, and Solidity
Technology: 3D reconstruction, augmented reality, virtual reality, the Internet of Things, artificial intelligence, and cryptography.
Now move on to the development of the Metaverse NFT marketplace. Following the well-planned and strategic development stages:
Step 1: Choose a blockchain network
Selecting the blockchain network on which the metaverse and marketplace will run is the first step in developing the NFT marketplace. You have the option to build your marketplace on one of the cutting-edge third-generation blockchain ecosystems, such as Cardano, Polkadot, or Near protocol, even though the majority of metaverse projects currently run on the Ethereum blockchain. The creation of a cross-chain NFT market in the metaverse is supported by these protocols.
Step 2: Design an intuitive user interface
After deciding on a blockchain network, create the UI/UX to draw users to the marketplace. Since the user interface represents your Metaverse marketplace, try to keep it straightforward, aesthetically pleasing, and responsive so that users can see the features in the best possible light and have a positive platform experience.
Step 3: Pick additional features
Add features to your Metaverse NFT marketplace based on the specifications for your particular project. Features like storefronts, decentralization, 3D displays, social interaction components, interoperability, wallet integration, etc. are among the options available to you.
Step 4: Create a smart contract
A blockchain protocol is used by the metaverse smart contract. Because the blockchain is decentralized, no middleman is needed to manage the platform because operations are governed and carried out by smart contracts. Your written smart contract needs to be dependable and in line with the functions that the market wants to carry out.
Step 5: Configure IPFS and the database
To ensure high efficiency and the highest level of security on the platform, the marketplace you build in the metaverse needs a decentralized storage system for user data and NFTs. You must set up IPFS and a database for this.
Metaverse NFTs with their specific metadata are set up for storage on IPFS, and user information and the history of NFT transactions are set up on a database.
Step 6: Integrate the frontend with the backend of the marketplace
After finishing the coding for the smart contract that will control the backend process and creating the necessary user interface, you must integrate the front end of the marketplace with the backend by adding buttons and other components. Wallets, browser extensions, payment gateways, and dApps should all be integrated as well to complete the marketplace’s functionalities.
Step 7: Test, optimize, and implement the metaverse NFT marketplace
Finally, you must rigorously audit the smart contract to ensure that the marketplace performs as intended and that there are no bugs in the code. Prior to mainnet deployment, the product should go through multiple quality testing processes to identify bugs and other marketplace defects.
Conclusion
Metaverse and NFTs complement each other, creating more opportunities for business growth. As a result, now is the time for businesses to invest in this futuristic technology and build high-end NFT marketplaces and metaverses. It enables them to provide their users with a more enhanced experience when exploring the available products and services in a 3D immersive and realistic world.
